Condo Reserves in Miami: What Buyers Should Know

Reserve funds are the money a condo association sets aside for future major repairs — roofing, structural elements, plumbing, and other capital items. Florida has increased scrutiny on reserve funding in recent years following statutory changes tied to building safety and structural inspections.

Why this matters more than it used to

• Underfunded reserves in an older or under-maintained building can lead to large special assessments for existing owners.
• For new construction, reserve requirements typically build up over the early years of a building's life, which affects how fees may change over time.
• Florida law has moved toward requiring more rigorous structural inspections and reserve funding for many condo associations — buyers should ask for current reserve study and funding status, particularly on any existing (non-new-construction) building.

What to ask for

Request the most recent reserve study, funding percentage, and any pending or recently completed special assessments before purchasing — this is standard due diligence that a real estate attorney can help review. Contact Diego with questions about a specific building's reserve status.